St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-25
On the Chicago Board of Trade Rather
Bearish Feeling Prevailed at
the Opening.
The Weakness Was Mainly Due to the
English Markets, Which We're
Taking Tumble.
No One Was Badly Hurt, and Later On
Confidence Was Almost Com
pletely Restored.
A Big Furry in the Financial Circles of
Wall Street.-The General
Record.
Special to the Globe.

Special to the Globe.
CHICAGO, June 24.-If there has been any
doubt seriously entertained of the solidity of
the Chicago banks individually or as whole,
that doubt was removed to-day The mystery
which has Swallowed the wheat pit has been
lifted, and when July wheat opened at 70sSc
this morning it was sure indication of con-
iidence restored. The statement made by
Vice President Dewey regarding the affairs of
the American Exchange National bank
is found to be literally correct
The capital of the Institution
is unimpaired, with the exception
of S29S, 600 as already admitted by Dewey.
Of twelve leading stockholders of the bank,
any one of them could make the impairment
good. Ten O'Clock came this forenoon and
July wheat had not fallen once to zoe
Large quantities had been thrown Oh the
market, but the option was not worked below
70Ec, clinging at that figure as if it were
being pegged there. July corn sold at 364Sc
July oats at 25ssc, July lard at Sc 37ls and
August ribs at 81 1913, The
SENSATION OF THE DAY
came from New York, and it was genuinely
sensational. Manhattan elevated stock,
which showed signs of shakiness Yesterday
was propped by Cyrus W. Field, who placed
1000 shares ION tap and directed their sale
when needed; but this morning Russell Sage
threw block of 10000 shares on the mar
ket. and within an hour broke it from Sl56
to S12O. Western Union opened at 75SSc
and fell TO 69c The drop was very general
The bears at this end of the line were greatly
exercised The break affected the Chicago
market within twenty minutes, and be-
fore IL o'clock July wheat was selling
at 69iSc. The depression in New York was
glf.d,
of the wheat clique here I'VE are getting
down to bed rock values all around re-
marked veteran trader ''Manhattan Ele-
waited has been ballooned and ought to come
down for inspection. Gould, Field and Sage
knew that 156 was an unusually high figure
TOR Manhattan, and The crowd have found il
out" A meeting of Rosenfeld's creditors
was to have been held this afternoon. but at
the eleventh hour neither Rosenfeid or his
attorneys appeared committee was then
appointed to look after the interests Of the
C editors.
THE ROUTINE REPORT.
CHICAGO June PA bearish feeling pre-
vailed at the opening of the board and July
wheat which opened at 7OSsd1 7034c immedi-
ately sold down to 10sSc and continued TO sag
during most of the first hour. The weakness
was mainly due to the English markets,
which were I'd lower, ana the general feeling
of uncertainty which prevailed. July sold
down to 7OI4c. The heavy break and ubse-
auent panic in the New York stock market
caused quite an uneasy feeling in wheat
here for q time and this. coupled with the
cause mentioned above, resulted in breaking
July wheat off to 69s4c during the morning.
While the furore was on Il majority OF the
traders i'll wheat were quietly selling, or try
ing to sell, and when it was found later on
that no one was hurt in the general shaking
up at New York, confidence was re-
stored and the crowd found itself
largely short The buying to cover these
contracts caused a reaction in wheat
vanced to 7014c. After the evening UP pro-
cess had been completed July got back to
its old station around zoe, and became quite
steady, closing at I0Iac. Corn ives quiet and
trading was limited to local operators. The
feeling was easier,and values ruled lower in
fluenced somewhat by the decline in wheat.
The decline in stocks in New York also had
Il tendency to create uneasIness. TraGil9
was mainly in the way of Changing July 81
the more deferred deliveries at the railing pre-
MUM Receipts continue limited, and est
mated arrivals for tomorrow are light. July
opened unchanged at 3GSSc, sold down to
36lS, and closed at 36Ac. A steady feeling
prevailed i'll the oats markets as compared
with yesterdays closing. Deferred deliveries
showed about 4c improvement. July de-
livery was also slightly firmer.
was rather light, and deferred deliveries are
attracting the most attention. The arrivals
are still very moderate. Not much iHclina-
ton was manifested to trade in provisions
to-day; and a comparatively steady feeling
prevailed. There was no particular pressure
to sell i'll view of the steadiness in the hog
markets and the continued liberal shipments
of all kinds Of products, while there was
very little speculative inquiry. Fluctuations
i'll prices showed no particular change. Trad
ing was almost exclusively in lard and short
rib sides for August and September delivery.
The receipts of products were fair July ribs
opened ut $3.50. sold down to S7.22l2 and
closed at s.. %. July lard started at S6.37l2
and sold down to So 35, the closing figure.
TIE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. June opened at 6975c, closing
at $3.50; July. 7078c. closing at 7olSc;
August, 727Bc, closing at 72l2c; September,
74S4c, closing at T45Bc. Corr-No 2 June
opened at Soc, closing at 35l2c; July, 36s8c,
closing at 36l8c: August, 3S14c, closing at
37S4c; September, 3St2c, closing at 39lsc.
Oats-No. June opened at 25lsc, closing at
2514c; July, 25s8c, closing at 2ossc: August,
25iec, closing at 2ol2c; September, % Ssc, clos
ing at 251sc. Mess Pork per bbl-,June
lbs-June opened at So 37I2. closing at Sc. So ;
July. 63!l2, closing at $3.50; August
$3.50, closing at S6.47l2; September, ST. 62Is
closing at So. 47ta. Short Ribs per 100 lbs
79s e 5sg, so s Closing closing at y st.
september, s755, closing at S7.47lzs,
Cash quotations were as follows: Flour
was in better demand, but prices are steady
and unchanged. Wheat-No 2 spring, 6ass
@69lsc; No. 3 spring. 63e: No. red 800
T34c. Corn-No. =, 35Ssc. Oats-No. 9,
25@25 isc. Rye-No. 9, SIC. Barley-No. 9,
SIC. Flax Seed-No. 1, 81 % Timothy
Seed-Prime, 81 12@2.15. Mess pork, per
Dbl, $22. Lard, per 100 lbs, Sc. 35656. 37la
Short ribs, Sides loose, S7.25; dry salted
shoulders, boxed, So 80; short clear
sides. boxed, S7.6517.7O. Whisky-Distill-
ers finished goods. 81 10 rgal Receipts
Flour, 10000 bbls; wheat, So 900 bu; corn,
bu. Shipments-Flour, 10000 bbls; wheat,
3;;}}2, 900 bu; corn, 257 900 bu; oats. 81, 600
bu; rye, 1000 bu. On the produce exchange
to-day the butter market was quiet and I'M
changed; creamery, l4@1sc dairy, 12@15c.
Eggs were quiet at 10l26111c.